Cryptocurrency

"Sotheby's 'Oddly Satisfying' NFT auction disappoints, top work lands paltry $54,600"

2023-03-24 [vendor] Latest Sotheby's NFT sale is decidedly tepid [chain] ethereum
Primary Source ↗
Blockchain(s) Ethereum

Incident Details

Despite Sotheby’s estimates that the most popular piece in the “Oddly Satisfying” NFT collection would sell for €70,000–€100,000 ($75,500–$108,000), the “Eternity” NFT attained a highest bid of only €50,800 ($54,600). Altogether the full collection brought in $316,000, with 60% of the NFTs going for less than Sotheby’s estimates. This is a marked change from the barn burner NFT sales at Sotheby’s in 2021, including one in which a CryptoPunks NFT sold for $11.8 million.It seems perhaps even Sotheby’s prestige is not sufficient to overcome the NFT downturn.

Technical Details

Vendor / Product
Latest Sotheby's NFT sale is decidedly tepid

Timeline

  1. 2023-03-24 Breach occurred
  2. 2023-03-24 Publicly disclosed